INITIAL REPORT: POLICE from Richmond Local Area Command have said on their Facebook page that they are currently experiencing a spike in counterfeit $50 banknotes being presented to local businesses.

Police said if you suspect you have a counterfeit note check for a range of features - don't rely on only one or two:

Is it plastic

Look for the star

Look for the Coat of Arms

Check the clear window

Feel the dark printing (often colour too pink)

Check print quality

Look for embossing in clear window

It is an offence to knowingly possess counterfeit banknotes.

Suspect banknotes should be given to police.

If they prove to be genuine, you will receive full value for them.

If you come across a banknote you suspect to be counterfeit handle the banknote as little as possible and store it in an envelope, note any relevant information, such as how it came into your possession, and report the matter immediately to Police.

As a business owner you are well within your rights to refuse to accept a banknote if you have concerns about it.

Under no circumstances should you take actions that may jeopardize your safety or that of others.

For more information call 1800 633 220 or your local police station, or visit the website: banknotes.rba.gov.au